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CIRCOR Reports Fourth-Quarter and Year-End 2015 Financial Results

BURLINGTON, Mass.--(BUSINESS WIRE)--Feb. 19, 2016-- CIRCOR International, Inc. (NYSE: CIR), a leading provider of valves and other highly engineered products for markets including oil & gas, power generation and aerospace & defense, today announced financial results for the fourth quarter and fiscal year ended December 31, 2015.

Fourth-Quarter 2015 Highlights

  • Revenues of $164.2 million
  • Adjusted EPS of $0.63
  • Cost control and restructuring actions continue to drive bottom-line performance
  • Consolidated adjusted operating margin at 10.2%, up 60 bps
  • Energy adjusted operating margin at 13.4%
  • Aerospace & Defense adjusted operating margin at 10.4%
  • Free cash flow of $28.4 million

“CIRCOR concluded 2015 with solid fourth-quarter performance, demonstrating continued progress on our margin expansion and simplification strategy,” said Scott Buckhout, President and Chief Executive Officer. “We achieved the $12 million in savings we anticipated from restructuring and simplification actions during 2015, which contributed to consolidated margin improvement of 60 basis points to 10.2% in Q4.”

“Our Energy team has done a great job aligning our cost structure to the weakness we are experiencing in our Energy markets,” said Buckhout. “In Aerospace & Defense, our margin expansion initiatives continue to improve the bottom line. As expected, we achieved double-digit margins in the fourth quarter, up over 500 basis points from the prior year. Cash flow was strong in the quarter as we improve our ability to align our working capital needs with market demands.”

“Laying the foundation for above-market growth remains our top priority globally. We continue to invest in long-term growth initiatives across both operating segments, including sales and marketing, new product development and engineering. Operationally, customer on-time delivery averaged 90% in the quarter, up from 79% at the beginning of the year. Finally, we continue to focus on disciplined capital deployment including complementary acquisitions,” concluded Buckhout.

First-Quarter 2016 Guidance
For the first quarter of 2016, the Company will provide its guidance during the conference call later today.

                         

Selected Consolidated Results

($ millions except EPS)

      Q4 2015 Q4 20142 Change FY 2015 FY 20142 Change
Revenue $ 164.2 $ 218.6   (25)% $ 656.3 $ 841.4   (22)%
GAAP Operating Income $ 12.3 $ 8.2 51% $ 26.2 $ 64.8 (60)%
Adjusted Operating Income1 $ 16.7 $ 21.0 (20)% $ 62.5 $ 86.2 (27)%
Adjusted Operating Margin1 10.2% 9.6% 60 bps 9.5% 10.2% (70) bps
GAAP Earnings Per Share (Diluted) $ 0.43 $ 0.51 (16)% $ 0.58 $ 2.84 (80)%
Adjusted Earnings Per Share (Diluted)1 $ 0.63 $ 1.08 (42)% $ 2.43 $ 3.72 (35)%
Free Cash Flow $ 28.4 $ 22.3 27% $ 16.6 $ 58.0 (71)%
Orders $ 137.9 $ 203.4 (32)% $ 590.4 $ 849.3 (30)%
 
 
                         

Segment Results

($ millions)       Q4 2015 Q4 20142 Change FY 2015 FY 20142 Change
Energy    
Revenue $ 124.4 $ 172.4 (28)% $ 502.1 $ 653.3 (23)%
Adjusted Operating Margin1 13.4% 14.3% (90) bps 14.0% 14.9% (90) bps
Orders $ 97.9 $ 158.3 (38)% $ 446.5 $ 675.9 (34)%
 
 
Aerospace & Defense
Revenue $ 39.8 $ 46.1 (14)% $ 154.1 $ 188.2 (18)%
Adjusted Operating Margin1 10.4% 5.3% 510 bps 9.1% 6.6% 250 bps
Orders $ 40.0 $ 45.1 (11)% $ 143.9 $ 173.4 (17)%

1. Consolidated and Segment Results for Q4 2015 exclude special, restructuring and impairment charges totaling $4.5 million. This includes (i) $2.1 million related to the closure of the Brazil manufacturing operations, including a restructuring-related inventory charge of $0.5 million; (ii) $2.2 million for Schroedahl intangible amortization expense; (iii) restructuring-related inventory charges of $0.5 million and (iv) other net gain of $0.3 million. Q4 2014 results excluded special and restructuring charges of $12.2 million and impairment charges of $0.7 million.

2. Q4 2014 and FY 2014 amounts have not been adjusted for divestitures.

Conference Call Information
CIRCOR International will hold a conference call to review its financial results today, February 19, 2016, at 9:00 a.m. ET. To listen to the conference call and view the accompanying presentation slides, visit “Webcasts & Presentations” in the “Investors” portion of the CIRCOR website. The call also can be accessed by dialing (877) 407-5790 or (201) 689-8328. The webcast will be archived for one year on the Company’s website.

Use of Non-GAAP Financial Measures
Adjusted net income, adjusted earnings per share (diluted), adjusted operating margin, adjusted operating income and free cash flow are non-GAAP financial measures and are intended to serve as a complement to results provided in accordance with accounting principles generally accepted in the United States. CIRCOR believes that such information provides an additional measurement and consistent historical comparison of the Company’s performance. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is available in this news release.

Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Reliance should not be placed on forward-looking statements because they involve unknown risks, uncertainties and other factors, which are, in some cases, beyond the control of CIRCOR. Any statements in this press release that are not statements of historical fact are forward-looking statements, including, but not limited to, those relating to CIRCOR’s future performance. Actual events, performance or results could differ materially from the anticipated events, performance or results expressed or implied by such forward-looking statements. BEFORE MAKING ANY INVESTMENT DECISIONS REGARDING OUR COMPANY, WE STRONGLY ADVISE YOU TO READ THE SECTION ENTITLED "RISK FACTORS" IN OUR MOST RECENT ANNUAL REPORT ON FORM 10-K AND SUBSEQUENT REPORTS ON FORMS 10-Q AND 10-Q/A, WHICH CAN BE ACCESSED UNDER THE "INVESTORS" LINK OF OUR WEBSITE AT WWW.CIRCOR.COM. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

About CIRCOR International, Inc.
CIRCOR International, Inc. designs, manufactures and markets highly engineered products and sub-systems for markets including oil & gas, power generation and aerospace & defense. CIRCOR has a diversified product portfolio with recognized, market-leading brands that fulfill its customers’ unique application needs. The Company’s strategy is to grow organically and through complementary acquisitions; simplify CIRCOR’s operations; achieve world class operational excellence; and attract and retain top industry talent. For more information, visit the Company’s investor relations website at http://investors.circor.com.

 
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
UNAUDITED
    Three Months Ended     Twelve Months Ended

December 31,
2015

   

December 31,
2014

December 31,
2015

   

December 31,
2014

Net revenues $ 164,243 $ 218,558 $ 656,267 $ 841,446
Cost of revenues 113,747   148,093   456,935   584,426  
GROSS PROFIT 50,496 70,465 199,332 257,020
Selling, general and administrative expenses 36,959 49,430 156,302 178,800
Impairment charges 726 2,502 726
Special charges, net 1,256   12,159   14,354   12,737  
OPERATING INCOME 12,281   8,150   26,174   64,757  
Other expense (income):
Interest expense, net 570 407 2,844 2,652
Other expense (income), net 2,099   (722 ) 902   (1,156 )
TOTAL OTHER EXPENSE (INCOME), NET 2,669   (315 ) 3,746   1,496  
INCOME BEFORE INCOME TAXES 9,612 8,465 22,428 63,261
Provision for (benefit from) income taxes 2,456   (690 ) 12,565   12,875  
NET INCOME $ 7,156   $ 9,155   $ 9,863   $ 50,386  
Earnings per common share:
Basic $ 0.44 $ 0.52 $ 0.59 $ 2.85
Diluted $ 0.43 $ 0.51 $ 0.58 $ 2.84
Weighted average number of common shares outstanding:
Basic 16,425 17,678 16,850 17,660
Diluted 16,555 17,782 16,913 17,768
Dividends paid per common share $ 0.0375 $ 0.0375 $ 0.1500 $ 0.1500
 
 
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(UNAUDITED)
    Twelve Months Ended

December 31,
2015

   

December 31,
2014

   

December 31,
2013

OPERATING ACTIVITIES
Net income $ 9,863 $ 50,386 $ 47,121
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation 14,254 16,446 16,034
Amortization 9,681 3,116 3,039
Provision for bad debt expense 2,561 7,817 1,194
Loss on write down of inventory 15,404 12,993 4,944
Impairment charges 2,502 726 6,872
Compensation expense of share-based plans 6,579 7,188 5,056
Tax effect of share-based plan compensation (134 ) (756 ) (732 )
Deferred income tax expense (benefit) 781 (2,740 ) 5,778
Loss (gain) on write down of property, plant and equipment 305 (79 ) (322 )
(Gain) loss on sale of businesses (1,044 ) 3,413
Gain on return of acquisition purchase price (3,400 )
Changes in operating assets and liabilities, net of effects of acquisition and dispositions:
Trade accounts receivable 20,393 (38,439 ) 7,009
Inventories (14,446 ) (16,945 ) (5,255 )
Prepaid expenses and other assets (4,786 ) 884 160
Accounts payable, accrued expenses and other liabilities (34,771 ) 26,816   (15,292 )
Net cash provided by operating activities 27,142   70,826   72,206  
INVESTING ACTIVITIES
Purchases of property, plant and equipment (12,711 ) (12,810 ) (17,328 )
Proceeds from the sale of property, plant and equipment 2,209 791 664
Business acquisitions, return of purchase price 3,400
Proceeds from divestitures 2,759 10,177
Business acquisition, net of cash acquired (79,983 )    
Net cash used in investing activities (87,726 ) (1,842 ) (13,264 )
FINANCING ACTIVITIES
Proceeds from long-term debt 261,394 150,062 146,578
Payments of long-term debt (182,004 ) (185,361 ) (166,239 )
Debt issuance costs (920 )
Dividends paid (2,559 ) (2,681 ) (2,700 )
Proceeds from the exercise of stock options 258 420 2,394
Tax effect of share-based plan compensation 134 756 732
Purchases of common stock (74,972 )    
Net cash provided by (used in) financing activities 2,251   (37,724 ) (19,235 )
Effect of exchange rate changes on cash and cash equivalents (8,498 ) (12,163 ) 729  
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (66,831 ) 19,097 40,436
Cash and cash equivalents at beginning of year 121,372   102,275   61,839  
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 54,541   $ 121,372   $ 102,275  
 
 
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
UNAUDITED
   

December 31,
2015

   

December 31,
2014

ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 54,541 $ 121,372
Trade accounts receivable, less allowance for doubtful accounts of $8,290 and $9,536, respectively 125,628 156,738
Inventories 177,840 183,434
Prepaid expenses and other current assets 16,441 21,626
Deferred income tax asset   22,861  
Total Current Assets 374,450   506,031  
PROPERTY, PLANT AND EQUIPMENT, NET 87,029 96,212
OTHER ASSETS:
Goodwill 115,452 72,430
Intangibles, net 48,981 26,887
Deferred income tax asset 36,799 19,048
Other assets 7,204   4,114  
TOTAL ASSETS $ 669,915   $ 724,722  
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable $ 64,284 $ 87,112
Accrued expenses and other current liabilities 52,878 63,911
Accrued compensation and benefits 18,424 24,728
Income taxes payable 6,585 1,312
Notes payable and current portion of long-term debt   8,423  
Total Current Liabilities 142,171   185,486  
LONG-TERM DEBT, NET OF CURRENT PORTION 90,500 5,261
DEFERRED INCOME TAXES 10,424 7,771
OTHER NON-CURRENT LIABILITIES 26,043 32,111
SHAREHOLDERS’ EQUITY:
Common stock 177 177
Additional paid-in capital 283,621 277,227
Retained earnings 257,939 250,635
Common treasury stock, at cost (74,972 )
Accumulated other comprehensive loss, net of tax (65,988 ) (33,946 )
Total Shareholders’ Equity 400,777   494,093  
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 669,915   $ 724,722  
 
 
CIRCOR INTERNATIONAL, INC.
SUMMARY OF ORDERS AND BACKLOG
(in millions)
UNAUDITED
    Three Months Ended       Twelve Months Ended
ORDERS (1) December 31,
2015
    December 31,
2014
December 31,
2015
    December 31,
2014
Energy $ 97.9 $ 158.3 $ 446.5 $ 675.9
Aerospace & Defense 40.0   45.1   143.9   173.4
Total orders $ 137.9   $ 203.4   $ 590.4   $ 849.3
 
BACKLOG (2) December 31,
2015
December 31,
2014
Energy $ 176.8 $ 252.1
Aerospace & Defense 92.2   108.8  
Total backlog $ 269.0   $ 361.0  
 
Note 1: Orders do not include the foreign exchange impact due to the re-measurement of customer order backlog amounts denominated in foreign currencies.
Note 2: Backlog includes unshipped customer orders.
 
 
CIRCOR INTERNATIONAL, INC.
SUMMARY REPORT BY SEGMENT
(in thousands, except earnings per share and percentages)
UNAUDITED
                                         
2014   2015
1ST QTR   2ND QTR   3RD QTR   4TH QTR   TOTAL   1ST QTR   2ND QTR   3RD QTR   4TH QTR   TOTAL
NET REVENUES                
Energy $ 162,587 $ 160,580 $ 157,658 $ 172,432 $ 653,257 $ 127,586 $ 127,230 $ 122,905 $ 124,412 $ 502,133
Aerospace & Defense 48,599     47,304     46,160     46,126     188,189     38,274     39,676     36,353     39,832     154,134  
Total $ 211,186 $ 207,884 $ 203,818 $ 218,558 $ 841,446 $ 165,860 $ 166,906 $ 159,258 $ 164,243 $ 656,267
ADJUSTED OPERATING MARGIN
Energy 13.8 % 14.6 % 16.9 % 14.3 % 14.9 % 13.8 % 13.4 % 15.4 % 13.4 % 14.0 %
Aerospace & Defense 9.1 %   7.1 %   5.0 %   5.3 %   6.6 %   8.0 %   8.8 %   9.1 %   10.4 %   9.1 %
Segment operating margin 12.7 % 12.9 % 14.2 % 12.4 % 13.0 % 12.4 % 12.3 % 14.0 % 12.7 % 12.8 %
Corporate expenses (3.4 )%   (2.2 )%   (2.8 )%   (2.7 )%   (2.8 )%   (3.6 )%   (3.3 )%   (3.8 )%   (2.5 )%   (3.3 )%
Adjusted operating margin 9.4 % 10.7 % 11.4 % 9.6 % 10.2 % 8.8 % 9.0 % 10.1 % 10.2 % 9.5 %
Restructuring related inventory charges % 2.5 % 1.4 % % 0.9 % % 1.2 % 4.0 % 0.6 % 1.4 %
Impairment charges % % % 0.3 % 0.1 % % % 1.6 % % 0.4 %
Special restructuring charges, net 0.4 % 0.6 % 0.2 % 1.2 % 0.6 % 0.9 % 1.9 % 0.2 % (0.2 )% 0.7 %
Special acquisition amortization % % % % % % 1.3 % 1.6 % 1.4 % 1.0 %
Special other charges, net (0.9 )% % % 4.3 % 0.9 % % 0.1 % 5.0 % 1.0 % 1.5 %
Brazil restatement impact %   %   %   %   %   0.4 %   1.5 %   %   %   0.5 %
Total GAAP operating margin 9.9 %   7.6 %   9.7 %   3.7 %   7.7 %   7.4 %   3.0 %   (2.2 )%   7.5 %   4.0 %
 
                                     
2014 2015
1ST QTR   2ND QTR   3RD QTR   4TH QTR   TOTAL   1ST QTR   2ND QTR   3RD QTR   4TH QTR   TOTAL
ADJUSTED OPERATING INCOME
Energy $ 22,462 $ 23,502 $ 26,577 $ 24,575 $ 97,117 $ 17,550 $ 17,008 $ 18,932 $ 16,724 $ 70,214
Aerospace & Defense 4,426     3,362     2,295     2,425     12,508     3,045     3,494     3,298     4,146     13,982  
Segment operating income 26,888 26,864 28,872 27,000 109,624 20,595 20,502 22,230 20,870 84,197
Corporate expenses (7,137 )   (4,634 )   (5,678 )   (5,965 )   (23,415 )   (6,034 )   (5,477 )   (6,078 )   (4,122 )   (21,710 )
Adjusted operating income 19,750 22,231 23,194 21,035 86,209 14,561 15,025 16,152 16,748 62,487
Restructuring related inventory charges 5,139 2,850 7,989 2,005 6,412 974 9,391
Impairment charges 726 726 2,502 2,502
Special restructuring charges, net 786 1,257 478 2,725 5,246 1,512 3,127 342 (347 ) 4,634
Special acquisition amortization 2,110 2,490 2,238 6,838
Special other charges, net (1,943 ) 9,434 7,491 (1 ) 183 7,935 1,603 9,720
Brazil restatement impact                     719     2,509             3,228  
Total GAAP operating income (loss) 20,907     15,834     19,866     8,150     64,756     12,331     5,090     (3,529 )   12,281     26,174  
INTEREST EXPENSE, NET (918 ) (891 ) (436 ) (407 ) (2,652 ) (640 ) (805 ) (828 ) (570 ) (2,844 )
OTHER INCOME (EXPENSE), NET 468     384     (419 )   722     1,156     506     104     587     (2,099 )   (902 )
PRETAX INCOME (LOSS) 20,457 15,328 19,012 8,465 63,261 12,197 4,389 (3,770 ) 9,612 22,428
(PROVISION FOR) BENEFIT FROM INCOME TAXES (5,825 )   (3,402 )   (4,337 )   690     (12,875 )   (3,284 )   (2,517 )   (4,308 )   (2,456 )   (12,565 )
EFFECTIVE TAX RATE 28.5 % 22.2 % 22.8 % (8.2 )% 20.4 % 26.9 % 57.3 % (114.3 )% 25.6 % 56.0 %
NET INCOME (LOSS) $ 14,632     $ 11,926     $ 14,675     $ 9,155     $ 50,386     $ 8,913     $ 1,872     $ (8,078 )   $ 7,156     $ 9,863  
Weighted Average Common Shares Outstanding (Diluted) 17,741 17,767 17,779 17,782 17,768 17,712 16,900 16,485 16,555 16,913
EARNINGS (LOSS) PER COMMON SHARE (Diluted) $ 0.82     $ 0.67     $ 0.83     $ 0.51     $ 2.84     $ 0.50     $ 0.11     $ (0.49 )   $ 0.43     $ 0.58  
 
   
CIRCOR INTERNATIONAL, INC.
RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS
(in thousands, except earnings per share and percentages)
UNAUDITED
 
2014   2015
1ST QTR   2ND QTR   3RD QTR   4TH QTR   TOTAL   1ST QTR   2ND QTR   3RD QTR   4TH QTR   TOTAL
FREE CASH FLOW AS % OF NET INCOME (LOSS) 98 %   62 %   96 %   243 %   115 % (207 )%   239 %   (27 )%   397 %   169 %
FREE CASH FLOW $ 14,387 $ 7,365 $ 14,015 $ 22,249 $ 58,016 $ (18,415 ) $ 4,483 $ 2,169 $ 28,403 $ 16,640
ADD:
Capital expenditures, net of sale proceeds 2,670     2,933     3,297     3,910     12,810     1,983     3,584     2,837     2,098     10,502  
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ 17,057     $ 10,298     $ 17,312     $ 26,159     $ 70,826     $ (16,432 )   $ 8,067     $ 5,006     $ 30,501     $ 27,142  
NET (CASH) DEBT $ (66,056 ) $ (72,982 ) $ (80,829 ) $ (107,688 ) $ (107,688 ) $ (66,337 ) $ 59,051 $ 57,277 $ 35,959 $ 35,959
ADD:
Cash and cash equivalents 122,189     116,421     114,671     121,372     121,372     103,883     55,027     53,822     54,541     54,541  
TOTAL DEBT $ 56,133     $ 43,439     $ 33,842     $ 13,684     $ 13,684     $ 37,546     $ 114,078     $ 111,099     $ 90,500     $ 90,500  
TOTAL SHAREHOLDERS' EQUITY $ 492,601 $ 507,363 $ 508,035 $ 494,093 $ 494,093 $ 462,384 $ 421,070 $ 407,979 $ 400,777 $ 400,777
DEBT AS % OF EQUITY 11 % 9 % 7 % 3 % 3 % 8 % 27 % 27 % 23 % 23 %
 
                                     
2014 2015
1ST QTR   2ND QTR   3RD QTR   4TH QTR   TOTAL   1ST QTR   2ND QTR   3RD QTR   4TH QTR   TOTAL
ADJUSTED NET INCOME $ 13,916 $ 16,090 $ 16,827 $ 19,188 $ 66,019 $ 10,564 $ 9,357 $ 10,635 $ 10,512 $ 41,068
LESS:
Restructuring related inventory charges, net of tax 3,316 1,839 5,155 1,339 6,412 799 8,550
Impairment charges, net of tax 726 726 2,502 2,502
Special restructuring charges, net of tax 508 848 313 1,763 3,432 1,079 2,175 304 (561 ) 2,997
Special acquisition amortization, net of tax 1,409 1,587 1,695 4,691
Special other net charges, net of tax (1,224 ) 7,544 6,320 (147 ) 53 7,908 1,423 9,237
Brazil restatement impact                     719     2,509             3,228  
NET INCOME (LOSS) $ 14,632     $ 11,926     $ 14,675     $ 9,155     $ 50,386     $ 8,913     $ 1,872     $ (8,078 )   $ 7,156     $ 9,863  
ADJUSTED EARNINGS PER SHARE (Diluted) $ 0.78 $ 0.91 $ 0.95 $ 1.08 $ 3.72 $ 0.60 $ 0.55 $ 0.64 $ 0.63 $ 2.43
LESS:
Restructuring related inventory charges, net of tax 0.19 0.10 0.29 0.08 0.39 0.05 0.51
Impairment charges, net of tax 0.04 0.04 0.15 0.15
Special restructuring charges, net of tax 0.03 0.05 0.02 0.10 0.20 0.06 0.13 0.02 (0.03 ) 0.18
Special acquisition amortization, net of tax 0.08 0.10 0.10 0.28
Special other net charges, net of tax (0.07 ) 0.42 0.35 0.47 0.08 0.54
Brazil restatement impact                     0.04     0.15             0.19  
EARNINGS (LOSS) PER COMMON SHARE (Diluted) $ 0.82     $ 0.67     $ 0.83     $ 0.51     $ 2.84     $ 0.50     $ 0.11     $ (0.49 )   $ 0.43     $ 0.58  
 
                                     
2014 2015
1ST QTR   2ND QTR   3RD QTR   4TH QTR   TOTAL   1ST QTR   2ND QTR   3RD QTR   4TH QTR   TOTAL
ADJUSTED EBITDA $ 25,073 $ 27,536 $ 27,530 $ 26,789 $ 106,927 $ 19,299 $ 19,474 $ 20,980 $ 18,927 $ 78,681
LESS:
Restructuring related inventory charges (5,139 ) (2,850 ) (7,989 ) (2,005 ) (6,412 ) (974 ) (9,391 )
Impairment charges (726 ) (726 ) (2,502 ) (2,502 )
Special restructuring charges, net (786 ) (1,257 ) (478 ) (2,725 ) (5,246 ) (1,512 ) (3,127 ) (342 ) 347 (4,634 )
Special other charges, net 1,943 (9,434 ) (7,491 ) 1 (183 ) (7,935 ) (1,603 ) (9,720 )
Brazil restatement impact                     (719 )   (2,509 )           (3,228 )
EBITDA $ 26,230     $ 21,140     $ 24,202     $ 13,904     $ 85,475     $ 17,068     $ 11,650     $ 3,789     $ 16,698     $ 49,206  
LESS:
Interest expense, net (918 ) (891 ) (436 ) (407 ) (2,652 ) (641 ) (805 ) (828 ) (570 ) (2,844 )
Depreciation (4,069 ) (4,116 ) (3,978 ) (4,283 ) (16,446 ) (3,521 ) (3,629 ) (3,526 ) (3,578 ) (14,254 )
Amortization, including special acquisition (786 ) (805 ) (776 ) (749 ) (3,116 ) (710 ) (2,827 ) (3,205 ) (2,939 ) (9,681 )
(Provision for) benefit from income taxes (5,825 )   (3,402 )   (4,337 )   690     (12,875 )   (3,284 )   (2,517 )   (4,308 )   (2,456 )   (12,565 )
NET INCOME (LOSS) $ 14,632     $ 11,926     $ 14,675     $ 9,155     $ 50,386     $ 8,913     $ 1,872     $ (8,078 )   $ 7,156     $ 9,863  
 

CIRCOR INTERNATIONAL, INC.
RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS
(in thousands, except per share data)
UNAUDITED

     
2014
1ST QTR   2ND QTR   3RD QTR   4TH QTR   TOTAL
NET REVENUES EXCLUDING DIVESTITURES $ 198,204   $ 194,349   $ 189,705   $ 207,970   $ 790,228
ADD:
Energy divestiture 10,554 10,037 10,667 8,465 39,723
Aerospace & Defense divestiture 2,428     3,498     3,446     2,123     11,495
NET REVENUES $ 211,186     $ 207,884     $ 203,818     $ 218,558     $ 841,446
ADJUSTED EARNINGS PER SHARE EXCLUDING DIVESTITURES (Diluted) 0.79 0.88 0.89 1.05 3.61
ADD:
Divestitures (0.01 )   0.03     0.06     0.03     0.11
ADJUSTED EARNINGS PER SHARE (Diluted) $ 0.78     $ 0.91     $ 0.95     $ 1.08     $

3.72

 

Source: CIRCOR International, Inc.

CIRCOR International
Rajeev Bhalla, 781-270-1200
Executive Vice President & Chief Financial Officer

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